Apple profit up 38% to $10.7 billion

Apple shares slumped nearly 7 per cent in after-hours trading as its fourth-quarter revenue forecast fell short of estimates and it missed some targets for iPhone sales. The California tech giant sold more than 47.5 million iPhones during the three months ending in June, or 35 per cent more than a year ago. That sent Apple's profit soaring nearly 38 per cent for the quarter, to $10.7 billion. But some analysts had expected around 49 million.